The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Ryan Wold. According to his publicly available FINRA BrokerCheck report, Ryan Wold has been the subject of a a customer dispute.
Ryan Wold was a Minnesota based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with three different securities firms.
- Piper Jaffray Inc. (1996-1998)
- Robert W. Baird & Co. Incorporated (1998-2009)
- Raymond James & Associates (2009-2018)
Ryan Wold’s career came to an end when he was terminated from Raymond James & Associates in January 2018. His termination followed allegations that he failed to follow management directive regarding the moving of certain high commission accounts to a fee based alternative. The firm had additional concerns regarding the accuracy of client contact notes entered into the contact management system. These alleged actions led to him becoming the subject of a complaint in April 2018. The customer in this case alleged that he churned their account, engaged in unreasonable trading practices, and charged them excessive, unfair, and unreasonable trading practices. The alleged transgressions taking place between 2014 and 2017. This case was settled for $27,000.
What Does This Mean?
Like stated above, their are two methods in which brokers are compensated for performing their job. One is by charging the investor a flat fee that is a percentage of the assets held within the account. The other is by receiving a percentage of an investor’s principal investment as their commission whenever executing a transaction on their behalf. The latter method of compensation can often lead to a fraudulent trading practice known as churning. This deceptive act occurs when a securities broker excessively executes trades in an investor’s account with the express purpose of generating additional commissions. This process is often detrimental to investors due to the unnecessary fees and trading losses it causes them to incur. The fees and losses consistently cause the principal investment to deteriorate–making it almost impossible for the investor to see a return on their investment.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Ryan Wold, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.